Delta to Move Ahead with $4 Billion New Terminal at LaGuardia by Itself

By Jesse Sokolow on 21 July 2017
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IMG_4454 (1)The Port Authority of New York and New Jersey signed off on a deal approving a $4 billion plan for Delta Air Lines build a new terminal at LaGuardia Airport. Delta will now pay for almost the entirety of the project, Goldman Sachs, a former partner and co-financer of the project, backed out.

Sachs was originally supposed to provide $300 million in equity investments and $3.6 billion in debt financing. Delta will bear the brunt of the costs, $3.4 billion, while the Port Authority has committed to providing the remaining $600 million, but no more. Delta will be responsible for any additional required funding.

The new terminal at LaGuardia will have 37 gates and four concourses.

Expected to be mostly completed by 2026, the project calls for an enlarged east parking garage, reconstruct taxi areas, and improved roadways.

(Photo: Accura Media Group)

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